CalSTRS Promotes 2 to Investment Director

On Monday, the California State Teachers’ Retirement System, the largest educator-only pension fund in the world, announced the promotion to investment director roles of two portfolio managers at the $346.5 billion fund.

Rosie Lucchesini-Jack

David Murphy

Rosie Lucchesini-Jack and David Murphy, both senior portfolio managers, have been promoted to director of fixed income and director of global equity, respectively. Lucchesini-Jack will be responsible for managing CalSTRS’ $41.2 billion fixed-income portfolio, while Murphy will manage the fund’s $144.9 billion global equity portfolio.

Lucchesini-Jack and Murphy will report to Geraldine Jimenez, the senior investment director of public markets at CalSTRS. Among their duties, Lucchesini-Jack and Murphy will lead efforts in their asset classes to reach CalSTRS’ target of being net zero by 2050.

“Rosie and David have proven themselves great assets to our investment team and to CalSTRS’ mission of securing the financial future and sustaining the trust of California’s public school teachers,” said CalSTRS CIO Scott Chan in a statement. “Both have demonstrated acommitment to driving excellence in how we invest and have played an important role in the success of their portfolio.

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Lucchesini-Jack has spent more than 20 years at CalSTRS, working on the fund’s fixed-income team since 2001. She was appointed as portfolio manager in 2013 and as senior portfolio manager in 2023. She is responsible for overseeing CalSTRS’ recent entry into private credit, a new asset class for the fund within the fixed-income portfolio.

“Having been a part of Fixed Income for more than 20 years, this allows me to continue working with our skilled and accomplished team while contributing to CalSTRS’ growth and vision,” Lucchesini-Jack said in a statement. “I am excited to embrace the challenges and opportunities ahead alongside some of the most talented and dedicated investment professionals in the industry.”

Lucchesini-Jack earned a bachelor of business administration degree from California State University, Sacramento, with a concentration in strategic management.

Murphy, a CIO NextGen in 2022, has spent nearly 19 years at CalSTRS and was previously an investment officer at the California Public Employees’ Retirement System.

“As someone who attended California state schools from kindergarten through college, I’m humbled and honored to support CalSTRS’ mission on behalf of our members,” Murphy said in a statement.

His current responsibilities include the oversight of all internally and externally managed strategies at CalSTRS. He earned a bachelor of science degree in mechanical engineering from the University of California, San Diego.

Where CalSTRS’ Scott Chan Sees Opportunities

CalSTRS Achieves 8.4% Return in 2024 Fiscal Year

Tags: California Teachers’ Retirement System, CalSTRS, David Murphy, Rosie Lucchesini-Jack, Scott Chan

Marlene Puffer

The Alberta Investment Management Corp., a pension fund which manages C$168.9 billion ($125.24 billion) in pension, endowment and insurance assets of more than 375,00 beneficiaries in the Canadian province of Alberta announced that the fund’s CIO, Marlene Puffer, will step down from her role, effective immediately.

Puffer joined Edmonton-based AIMCo in January 2023; her departure comes after nearly two years at the fund. The fund has promoted two senior AIMCo professionals into executive roles to take on Puffer’s duties.

In the same announcement, AIMCo announced that Justin Lord, formerly head of public equities, has been appointed senior executive managing director and global head of public markets. David Scudellari, the former head of international investment, has been appointed as senior executive managing director and global head of private assets and strategic partnerships. Scudellari, based in New York, will oversee private assets globally, while Lord, based in Edmonton, will oversee public equities and fixed income.

“I am very pleased to appoint Justin and David to their new leadership roles in leading investments for AIMCo. I am especially excited to welcome Justin to the executive team,” said AIMCo CEO Evan Siddall in a statement. “These appointments confirm the benefits of our focus on developing talented investment leaders from within the firm and Alberta. David and Justin both bring decades of investment experience, and I am excited to be so well-positioned to continue to fulfill our purpose to our clients, as we execute our investment strategy under their leadership.”

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Puffer is not the only high-profile Canadian CIO to step down from a position. Last month, PSP Investments CIO Eduard Van Gelderen left his role as CIO there.